Carey Olsen and PEA support 258 Million Euro fund launch

Wednesday 03 July 2019

Carey Olsen and Private Equity Administrators Limited have assisted Creandum - who were Spotify's first venture capital investor - on the establishment of a €265 million venture fund focusing on early-stage opportunities across Europe.

Following strong demand from existing and new investors, Creandum V was heavily oversubscribed and enjoyed re-commitments from all institutional investors in Creandum IV, while also attracting several new investors primarily from the US.

Carey Olsen's investment funds team in Guernsey advised on all Guernsey aspects of Creandum V's structuring, establishment and closing was led by partner David Crosland with assistance from senior associate Chris Hutley-Hurst.

"Creandum has a stellar reputation in the European venture capital space and it was no surprise to us to see Creandum V enjoy such asmooth and significant fundraising," said Mr Crosland. "Carey Olsen has been privileged to work with Creandum for some time and it was pleasing to see its latest Guernsey fund garner such positive attention from investors."

PEA, Creandum's long term administrator, has once again been appointed to provide administration services to the new fund.

James Orrick, Managing Director of PEA, said: "Working with Creandum and the investors in the fund to support this hugely successful launch highlights PEA's expertise as a boutique venture capital service provider, and our awareness of investor requirements.

"Meeting the deadlines that are often involved in such launch projects is entirely a team effort and is made all the more possible through Guernsey's agility as a specialist fund jurisdiction. Congratulations toCreandum on this remarkable fundraising of their fifth fund."

Since 2003, Creandum funds have invested in more than 70 companies, including the likes of Spotify, Vivino and iZettle.

Pictured top: David Crosland.